Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Algert Global LLC

Algert Global LLC increased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 27.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,415 shares of the bank’s stock after purchasing an additional 9,415 shares during the period. Algert Global LLC’s holdings in Prosperity Bancshares were worth $2,654,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PB. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. New York State Teachers Retirement System raised its stake in shares of Prosperity Bancshares by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock valued at $7,730,000 after acquiring an additional 300 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Prosperity Bancshares by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after acquiring an additional 319 shares in the last quarter. Inspire Investing LLC boosted its position in Prosperity Bancshares by 6.1% during the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock worth $351,000 after purchasing an additional 328 shares during the period. Finally, Fifth Third Bancorp increased its holdings in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after purchasing an additional 332 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PB shares. Piper Sandler raised their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Finally, Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Price Performance

PB stock opened at $70.18 on Wednesday. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The firm has a fifty day moving average price of $71.74 and a two-hundred day moving average price of $65.51.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the prior year, the business earned $1.21 earnings per share. As a group, analysts expect that Prosperity Bancshares, Inc. will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.